- US Markets closed 2.5% higher Yesterday.
- Trump has Announced that he is almost ready with a plan to open the Economy. US Markets have been trading positive based on the Expectation.
- SGX Nifty up 2% & Trading near 9300 as of now.
- India has announced 19 day lock down extension upto 3rd May.
- PM has also Announced that Certain Relaxations will be provided in Certain areas to open the Economic activities after 20th April.
- This Week is lined up & packed up with many Major Events and Market will be looking at this very closely.
- MET to give it's first Monsoon forecast today at 1 pm.
- Results of TCS , HDFC Bank & Wipro lined up for this week.
- This rally we have Witnessed from 7500 levels on Nifty has weak legs & it's Unlikely that it would Sustain for long period.
- This is the best time to book profits for Traders / Investors who have entered near 7500-8000 zones on Nifty. It's already up more than 20% .
- In March series Markets have Traded in one Direction & it was not much Difficult for Traders to make money.
- Now , it's the Test for Traders to make Money out of this Ranging Market.
- Do not expect follow through , do not expect Sharp rallies on one side while you Trade.
- Do not be biased on your Views . Do not carry fixed view in your Head before you sit to trade. Just trade what you see & not what you think.
- As I've mentioned in my Previous Blog , Expecting Nifty to expire between 8500 & 9500 for this Weekly Expiry.
- Option Buyers need to very Careful & need to exit Positions on Intraday Basis only as VIX is trading at much higher levels & also Premiums are quite high.
- 9350 is a Resistance Zone for Nifty and today might find Resistance near those levels.
- Bank Nifty looks more stronger when Compared to Nifty.
- First 1 hour is very Crutial for our Markets.
- So do not enter into any Positions as soon as Market opens.
- Give some time to yourselves & Analyse the Market Movement.
- Expecting the Intraday range to be between 9000-9400 on Nifty.
- FMCG Stocks look strong and also in Turbulant times as the Current one's , big Money will be poured into safe Companies.
- Also I would like to Caution to stay away from Pharma Companies after this huge 30% rally on some Pharma Names.
- HYDROXYCHLOROQUINE is a 3-4rs Drug and even if 10 crores Drugs are sold it hardly makes any Difference to the overall Profitability of these companies.
- Do not chase these stocks which rise purely based on Sentiment and get trapped.
- Sold 8700 PE & 9400 CE for Weekly Expiry.
- Also would be looking to sell more Call Options as Market opens.
- With many Events lined up for this Week & also by looking at Markets reaction to the News related to Corona Virus I do not expect any one side Moves on the Market.
- Trade within the range , Buy at the lower end of the Range & sell at the Upper Range of the Range.
- Do not be too biased & do not hold your Positions for too long.
- Those who are biased and always expect Trending Moves will be Trapped both sides.
- Those who build a range and Trade Accordingly will be rewarded. Ranging Markets test your Skills and Patience as a Trader.
U.S Markets closed higher yesterday. Most importantly , S&P 500 VIX crashed 10%. There was huge Volatility in global markets due to Fed event. Markets remain volatile only when they have topped out or have bottomed out. Right now I feel we have bottomed out at 16850. Asian markets are slightly lower now. Dow futures are lower. SGX Nifty is at 17500. Finally , the most awaited day has come. Budget 2022 is going to be presented today. Expectations are of a good and stable budget. Reasons are the Elections coming up and LIC IPO in March. Govt very well knows if LIC IPO has to go through , Market sentiment has to be good. Without good market spending it would be very difficult for IPO to go through. Market had already fallen a lot before the budget. Although we have rallied in last 2 days but still we have some upside left. Though I feel it's not favourable to chase today's gap up. Today's gap up is a good opportunity to book profits those who carried longs. Bud
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